Workflow
因需而变!CIPS业务规则即将修订
HUAXI Securities·2025-07-05 11:59

Investment Rating - The report rates the computer industry as "Recommended" [2] Core Insights - The People's Bank of China is seeking public opinion on the revised rules for the Cross-Border Interbank Payment System (CIPS), aiming to enhance the system's adaptability for participant expansion and functional upgrades, thereby supporting the internationalization of the Renminbi [1] - The dual upgrade of the "system + account" is expected to attract more global banks and payment institutions to join the CIPS network, accelerating the globalization of Renminbi cross-border payment infrastructure [2] - The implementation of the "Stablecoin Regulation" in Hong Kong on August 1, 2025, is anticipated to create a new channel for Renminbi cross-border payments, independent of the SWIFT system, facilitating the internationalization of the Renminbi [2] Summary by Sections Participant Management Mechanism Optimization - The draft rules enhance the participant management mechanism and clarify detailed processes for account management, funding, and settlement, which is expected to attract more global participants to the CIPS network [2] - The modernization of rules is projected to shift CIPS from "scale expansion" to "quality and efficiency collaboration" [2] Settlement Efficiency Improvement - The draft rules specify the settlement mechanism and standardize various business behaviors, which will reduce error rates and manual intervention costs [3] - Streamlined processes and enhanced automation in the settlement phase are expected to significantly shorten the cross-border Renminbi payment cycle and improve capital turnover efficiency [3] - The establishment of a high-efficiency and secure settlement mechanism in Hong Kong aims to address payment efficiency and security issues in high-risk areas [3] Expanded Application Scope - The draft rules support mixed settlement models to meet diverse funding settlement needs, which will broaden financial support for cross-border trade settlements [4] - These measures are designed to consider the specific needs of overseas participants, further promoting the internationalization of the Renminbi [4] Investment Recommendations - Beneficiary companies include Sifang Jingchuang, Jingbeifang, Chutianlong, Xinguodu, Newland, Lakala, Huafeng Superfiber, Yuxin Technology, Xincheng Technology, Hengbao Co., and Changliang Technology [5]